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Bitcoin is the world’s first ever decentralised cryptocurrency or digital coin. It is termed as a decentralised cryptocurrency as it is not under the control of any financial regulatory authority around the world and relies on peer-to-peer software and cryptography.
Created over a decade ago, it has gained immense popularity over the years and is the world’s most popular cryptocurrency. The popular cryptocurrency utilized the Bitcoin blockchain for transactions.
Each Bitcoin is made up of 100,000,000 satoshis or the smallest units of Bitcoin, making an individual Bitcoin divisible up to 8 decimal places. This is why people can even buy fractions of a Bitcoin as well.
It may be noted that there are no physical Bitcoins and only balances are recorded in a public ledger. All Bitcoin-related transactions are registered using a massive amount of computing power and the process is known as “mining”.
As mentioned earlier, Bitcoin is not issued or backed by any banking entity or government around the world. While it is not considered a legal tender in most countries in the world, Bitcoin has been gaining in popularity, following which hundreds of other cryptocurrencies have been launched.
